Hello, and welcome to the Switch, Inc. third quarter 2021 earnings conference call. My name is Katie, and I'll be coordinating your call today. If you'd like to ask a question during the presentation, you may do so by pressing star one on your telephone keypad. I'll now hand the call over to your host, Matthew Heinz, to begin. Matthew, please go ahead. Thank you, operator. Good afternoon, and welcome to Switch, Inc.'s third quarter 2021 earnings conference call. On the call today are Thomas Morton, Switch President, and Gabe Nacht, Switch CFO. Today's call may include forward-looking statements, including references to expectations, projections, and other characterizations of future events or market conditions. Actual results may differ materially from those expressed in our forward-looking statements, which are subject to certain risks, uncertainties, and assumptions. Our statements are made as of today, and we assume no obligation to update our disclosures. We describe some of these risks in our SEC filings, specifically our Form 10-K, in the section titled Risk Factors. In addition, today's call includes discussion of non-GAAP financial measures, which should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP. Please refer to today's press release and supplemental package for further information, including a reconciliation of non-GAAP measures. Our third quarter 2021 earnings press release has been furnished to the SEC as part of our Form 8-K and is available on our investor website at investors.switch.com. I will now turn the call over to Switch President Thomas Morton. Thank you, Matt, and good afternoon, everyone. Thank you for joining us today for our third quarter 2021 earnings call. Switch accomplished another solid quarter as we continue to execute on our strategic growth initiatives, driven by strong enterprise demand for our highly resilient and sustainable data center infrastructure. Importantly, our strategic sales initiatives continued to gain traction, producing strong mid-teens revenue growth in the third quarter and a 25% increase in year-to-date incremental revenue signings. As disclosed in our earnings press release, I am pleased to announce that the Switch Board of Directors has voted unanimously to pursue REIT conversion and will be targeting a REIT tax election on January 1st, 2023. We look forward to sharing additional details as we continue to move forward with this exciting evolution in Switch's corporate structure. Our Q3 2021 financial results, detailed on slide four of our investor deck, reflect accelerating top-line momentum across all of our prime campus locations. Third quarter revenue was $158.1 million, increasing 23% year-over-year. Excluding a $12 million revenue contribution from Data Foundry, Switch's revenue was $146.1 million, representing a 13.5% organic growth rate compared to the year ago quarter. Third quarter adjusted EBITDA increased 14.5% year-over-year to $76.9 million, including a $4.8 million contribution from Data Foundry. Our Q3 adjusted EBITDA margin of 48.6% was affected by seasonally driven increases in power costs in addition to a full quarter contribution from Data Foundry's operations, where third quarter SG&A levels do not yet reflect the full benefit of merger-related synergies. Gabe will provide additional details on Q3 financial performance and 2021 guidance later on today's call. Our sales teams once again delivered solid third quarter bookings, signing over $16 million of incremental recurring revenue and a total contract value of more than $94 million, as detailed on slide 13 of our investor deck. For the first nine months of 2021, our incremental annualized revenue bookings increased 25% year-over-year to $50 million, and total annualized revenue signings increased 28% to $88 million, inclusive of $38 million in renewals. Switch's strategy to expand its prime footprint equally and strategically across the United States has continued to pay dividends as our customers have increasingly exhibited demand for our world-class infrastructure across multiple Switch locations. As of Q3 2021, multi-campus customers comprised over 38% of legacy Switch revenue, compared to 33% in the prior year quarter. This represents a year-over-year growth rate of 26% in third quarter multi-campus customer revenue. Our revenue bookings mix also demonstrates the increasing diversity of our business, with 60% of our Q3 total contract value coming from PRIMES other than Las Vegas and 44% on a year-to-date basis. Switch's growth efforts in Texas continued to gain momentum in third quarter as Texas customers accounted for approximately $5 million of incremental annualized revenue signings in the period. Notably, during Q3, we executed a 3 MW expansion with a Fortune 5 technology customer in Austin whose incremental deployment will utilize substantially all of the remaining capacity in the newest sector of our Austin 3 data center. We believe this significant expansion from one of the world's largest technology companies represents a strong early validation for the Data Foundry acquisition, which closed just five months ago and sends a positive signal to the other large enterprises as Switch continues its build-out of The Rock campus in Texas. Our funnel of sales opportunities remains robust for both inbound and outbound expansions by existing enterprise clients at The Rock campus and across the other four Switch PRIMES. We are pleased to report our first outbound expansion by a Texas customer in October, a healthcare organization that has signed to expand to Switch's Keep campus in Atlanta. We remain confident that Switch's national data center footprint and global telecommunications cooperative will be of great value to customers within the legacy Data Foundry footprint, creating tremendous cross-selling opportunities and revenue synergies from this acquisition. I will now discuss some of Switch's notable third quarter activity and key metrics across the existing PRIME campus locations. In August, Switch announced the appointment of Jonathan King as our Chief Revenue Officer. Jonathan was previously an executive at Google Cloud, where he led partner ecosystem development, including the launch of Google Cloud's Telecom and Edge initiative and the Google Cloud VMware Engine. As Chief Revenue Officer from Switch, Jonathan will oversee Switch's go-to-market strategy and business development efforts to further accelerate revenue growth. Following our land purchase agreement with Dell Technologies and receipt of zoning approval from the City of Round Rock during Q3, we began underground preparation work on the future sites of our next Tier 5 Platinum data centers at The Rock campus. We expect to begin shell construction on Austin 4 in Q2 of 2022, with a targeted completion in early 2024, and the timeline for Austin 5 will be targeted for six to nine months after completion of Austin 4. Including the Data Foundry assets, The Rocks campus ecosystem will be architected to provide more than 2 million sq ft of data center space and 180 MW of power upon completion. As previously mentioned, just two months after closing the acquisition of Data Foundry, Switch signed its first multi-MW expansion order with a legacy Data Foundry customer. The transaction involves a five-year renewal of the client's existing space, and its 3 MW expansion will more than double its current footprint in Austin and Houston. We expect the customer to begin ramping into this new deployment in early 2022. Switch executed another multi-year expansion order with an existing global logistics customer for incremental colocation and telecommunication services in The Core campus and The Keep campus. On a combined basis, the order represents approximately $2.4 million of incremental annualized revenue and over $12 million in total contract value. Subsequent to third quarter, this same customer also signed for an additional 220 cabinets in Atlanta. We signed a 1 MW expansion with a leading semiconductor manufacturer who is adding to its multi-campus footprint in The Citadel campus and The Keep campus locations. The new order represents approximately $2.2 million in incremental revenue over a five-year contract term. In October, Switch announced the commencement of the Regional Water Improvement Pipeline project in partnership with the Tahoe Reno Industrial Center and various state and local government agencies. This is the first public-private partnership of its kind in Nevada history. The project furthers Switch's industry-leading commitment to providing sustainable technology infrastructure for decades into the future. The pipeline will deliver 4,000 acre-feet of treated effluent water from a reclamation facility in Sparks, Nevada, to the Tahoe Reno Industrial Center, enabling Switch's Citadel campus to operate indefinitely on 100% recycled water. In November, Switch was recognized for the third year in a row by being placed on the U.S. Environmental Protection Agency's national top 100 list of the largest green power users from the Green Power Partnership. Switch ranked in the top 10 on the EPA's top 30 technology and telecom list and 23rd on the top 100 list of companies based on renewable power usage with a perfect 100% ranking for the use of green power. Now turning to our construction milestones and robust project pipeline. As can be seen on slide seven of our investor deck, Switch has a total of more than 3 million sq ft of data center capacity that is either in progress or planned for future development through 2026. This represents a greater than 60% increase to the 5.1 million sq ft of data center capacity currently in service. During the quarter, we delivered the final sector of our TAHOE RENO 1 facility to an anchor customer, placing 10 MW and 780 cabinets into service. The massive 1.3 million sq ft data center at our Citadel Campus is now effectively fully committed to customers, and we are underway on the shell construction of Tahoe Reno 2 and the pad construction of Tahoe Reno 3. We continue to prioritize the acceleration of construction of three new data centers at The Core Campus, The Citadel Campus, and The Keep Campus, totaling 1.3 million gross sq ft and up to 160 MW of power at full build-out. As illustrated in our development milestones table on slide 19 of our investor presentation, we expect to complete construction on Las Vegas 15 in Q2 of 2022, Tahoe Reno 2 in Q1 of 2023, and Atlanta 3 in Q2 of 2023. In order to maximize cost efficiency and accelerate the delivery of future capacity, we are also completing the underground utilities and data center pad preparation on five additional facilities spanning our Core Campus, Citadel Campus, Keep Campus, and Rock Campus locations. Additional details are available on slide seven of the investor deck. Please keep in mind that these facilities currently have planned completion dates ranging from 2024 through 2026, and thus will incur the majority of their capital spend much closer to the anticipated in-service dates in accordance with our real-time evaluation of customer demand. Upon completion, we expect these five data centers will provide approximately 1.9 million incremental sq ft and more than 200 MW of power capacity. We look forward to hosting our investors and analysts at our Las Vegas headquarters for the Switch Investor Day on November 15, 2021. Our founder and CEO, Rob Roy, will present his vision and strategy for the company. Those in attendance will have the opportunity to tour our Las Vegas campus and spend time with a range of Switch executives as they present key elements of our strategy and operations. In addition, we will provide multiyear financial targets to help guide investors through our evolution over the next several years. I will now turn the call over to Gabe to discuss our financial results. Gabe? Thanks, Thomas. Today, I'm going to review our financial results for the third quarter of 2021 and discuss our outlook for the remainder of 2021. Starting with slide four of our investor presentation, Switch reported total third quarter 2021 revenue of $158.1 million, an increase of $29.3 million or 22.8% compared to the third quarter of 2020. Excluding Data Foundry revenue of $11.9 million, Switch third quarter revenue totaled $146.2 million, an increase of $17.4 million or 13.5% organic growth compared to the third quarter of 2020. Staying on slide four, adjusted EBITDA totaled $76.9 million for Q3 2021 compared to $67.2 million in Q3 2020, reflecting a margin of 48.6% and year-over-year growth of 14.5%. Third quarter adjusted EBITDA margins were affected by seasonal power costs and the inclusion of a full quarter of Data Foundry results. Excluding Data Foundry's adjusted EBITDA contribution of $4.8 million, Switch adjusted EBITDA was $72.1 million, reflecting a margin of 49.3% compared to a margin of 52.1% in the year-ago quarter. Again, primarily driven by an increase in power costs relative to Q3 2020. In the third quarter, Switch reported a net loss of $0.9 million compared to net income of $13.2 million in Q3 2020. The reduction in net income was primarily attributable to a $5.1 million reduction in income from operations and an $8.6 million increase in interest expense. Lastly, on slide four, customer churn was 0.2% in Q3 2021, unchanged compared to the year-ago quarter. Looking now at our growing exascale portfolio on slide seven, as of September 30th, 2021, Switch had approximately 21,700 billing cabinet equivalents across its five PRIME campus locations, reflecting 600 net cabinet additions compared to the prior quarter. Included in this total is approximately 3,300 billing cabinet equivalents at Data Foundry compared to 3,200 in the prior quarter. Including a full quarter contribution from Data Foundry, the Switch average monthly recurring revenue per cabinet was over $2,375 in Q3 of 2021. Staying on slide seven, as of September 30, 2021, the five Switch PRIMES had capacity for approximately 29,100 cabinet equivalents within our open sectors, of which 91% were committed under contracts compared to 88% in the year ago quarter. Now turning to bookings on slide 13. During Q3, we executed 657 contracts representing total contract value of $94 million and annualized revenue of $27 million at full deployment, inclusive of both renewals and sales of incremental services. We are continuing to see strong customer demand in Texas and for the Data Foundry assets. Our third quarter bookings in Austin were a great example of the sales traction we are seeing with over $5 million in annualized revenue and approximately $40 million in total contract value from legacy Data Foundry customers. Excluding renewals, we signed $16.2 million of incremental annualized recurring revenue in Q3, including $15 million in incremental bookings from existing customers and approximately $1.2 million from 15 new logos. Now looking at revenue attribution on slide 15. Total colocation revenue for the third quarter of 2021 was $125.9 million, up 20% compared to $105.1 million in the year ago quarter. Excluding $8.3 million in colocation revenue from Data Foundry, Switch colocation revenue grew 12% to $117.7 million compared to the year ago quarter. Total third quarter connectivity revenue was $29.3 million, increasing 31% from the year ago quarter. Excluding Data Foundry connectivity revenue of $2.9 million, Switch third quarter connectivity revenue increased 9% sequentially and 18% year-over-year to $26.4 million on an organic basis. On a consolidated basis, Switch had more than 10,500 cross connects as of September 30th, and cross connects accounted for 4.2% of total revenue in Q3 2021, reflecting 26% year-over-year growth in cross-connect revenue. Other revenue, including professional services, accounted for $2.9 million in Q3 2021, which includes approximately $750,000 from Data Foundry. Maintenance capital expenditures were $3.7 million for the third quarter of 2021, or 2.3% of revenue, compared to $2 million and 1.6% of revenue in the same quarter last year. Growth CapEx, excluding land purchases, was $132.2 million for the third quarter of 2021 compared to $80.6 million in the year-ago quarter. Please refer to slide 18 for a detailed breakdown of our capital expenditures by campus. Third quarter cost of revenue increased by $23.1 million compared to the year-ago quarter, of which $5.8 million was attributable to Data Foundry. The $15.2 million increase in Switch cost of revenue was primarily attributable to higher seasonal power costs and depreciation. Excluding depreciation, amortization, and equity-based compensation, Switch's Q3 adjusted cost of revenue increased by $10.2 million, primarily driven by increases in power and connectivity costs compared to the year-ago quarter. We would note that power rates have normalized in September and October following an elevated forward pricing curve in the peak summer months. Third quarter SG&A expenses were $42.8 million, up from $31.5 million in the year-ago quarter. Normalizing the year-over-year comparison for Data Foundry, Switch's SG&A increased by $7.2 million, primarily attributable to higher professional services costs related to litigation and our ongoing REIT evaluation. In the third quarter of 2021, Switch accrued $4.7 million in litigation costs related to a lawsuit filed against the company in 2017 by Cobalt, a data center operator who ceased operations in or around 2015. Our prior expectation was for the trial to begin in 2022. However, the court set the trial date for mid-November 2021. We continue to believe the allegations lack merit, and thus we intend to vigorously defend against the claims. It has historically been our practice to exclude litigation costs from our presentation of adjusted EBITDA that are deemed to be unrelated to our patent portfolio or core business operations. As such, our third quarter adjusted EBITDA excludes the litigation fees incurred in connection with our defense of the allegations. We expect SG&A costs to remain elevated in the fourth quarter of 2021 in connection with these two items. However, any litigation costs related to the case will be excluded from our presentation of adjusted EBITDA. Q3 2021 income from operations was $17.8 million, compared to $22.9 million in Q3 of 2020. The year-over-year reduction in operating income was attributable to increases in depreciation and amortization, power costs, and SG&A expense. Interest expense increased by $8.6 million year- over- year to $15.2 million in Q3 of 2021, primarily driven by higher debt balances related to the issuance of $1.1 billion in senior unsecured notes. Adjusted funds from operations or AFFO was $51.1 million in Q3 2021, a 9% decrease compared to $56 million in the year ago quarter. AFFO per diluted share was $0.21 compared to $0.23 in Q3 2022, primarily due to increases in interest expense, maintenance capital expenditures, and diluted shares outstanding compared to the year ago quarter. Looking now at the balance sheet on page 21. As of September 30th, 2021, the company's total debt outstanding, net of cash and cash equivalents, was $1.5 billion, resulting in a net debt to last quarter annualized adjusted EBITDA ratio of 5.0x. The increase in our leverage ratio was driven by our historically lower Q3 EBITDA margin and the increase of $40 million on our revolver. As of September 30, 2021, Switch had liquidity of $488.3 million, including cash and cash equivalents and borrowings available on our revolver. As of September 30th, 2021, our recurring revenue backlog stood at $37 million, compared to $63 million in the prior quarter. The reduction in backlog was a function of our nearly $40 million in annualized revenue commencements during Q3 of 2021. We expect our backlog to contribute approximately $3 million of incremental revenue for the remainder of 2021, representing an estimated $20 million of annualized revenue commencements during Q4. Please reference slide 17 for further details on our backlog and expected timing of commencements. As of September 30, 2021, there were 242 million total shares outstanding, including 137.5 million Class A shares and 104.5 million Class B shares. As disclosed in recent 8-K filings, during the third quarter of 2021, our members redeemed 6.1 million common units, resulting in the issuance of an equivalent number of Class A common shares. Including member redemptions totaling 6.2 million in October and November, our Class A public float now represents 59.4% of total shares outstanding. Now turning to guidance for 2021 on page 22 of our investor presentation. We expect consolidated revenue in the range of $590 million-$595 million, including Data Foundry revenue of $27 million-$28 million. This represents 16% growth in consolidated revenue and over 10% organic growth excluding Data Foundry. Our implied revenue guidance for Q4 represents 17% organic growth at the midpoint, demonstrating significant acceleration from recent trends and a result of ongoing growth across our five prime campuses. We expect consolidated adjusted EBITDA of $307 million-$314 million, including $11 million-$12 million from Data Foundry, reflecting a consolidated adjusted EBITDA margin of 52.4% at the midpoint. Lastly, our guidance range for capital expenditures, excluding land acquisitions, has been increased to $410 million-$440 million, including $13 million-$17 million in The Rock Campus for development of the final sector of Austin 3 and site preparation for the Austin 4 and Austin 5 facilities. The $25 million increase in our CapEx midpoint reflects an acceleration of equipment purchases and construction activity in response to strong customer demand, particularly as the sales funnel begins to build for our Las Vegas 15 opening in Q2 of 2022. Relative to our prior guidance range, the 1% reduction in our 2021 revenue guidance midpoint is primarily related to lower than expected contribution from pass through power revenue during the second half of 2021, in addition to a modest timing difference in customer deployments relative to prior expectations. The revenue impact from lower pass through power is largely offset by lower than planned power costs for the second half of 2021, resulting in no material change to the full year adjusted EBITDA guidance. The portion of 2021 revenue guidance affected by the timing of installations was largely due to the strategic customer signing in Austin that occurred in Q3, but will begin the ramp on its five-year contract in early Q1 2022. Now I will turn it back to Thomas for some closing remarks. Thank you, Gabe. We firmly believe that Switch is favorably positioned for the rapid digital transformation among enterprises as they continue their migration to hybrid multi-cloud architectures. We are working hard to accelerate the delivery of additional data center capacity to meet the strong level of demand we are currently experiencing, and we are confident in our team's ability to execute. On behalf of our entire management team, we would like to take this opportunity to thank our employees, customers, partners, and our shareholders for their continued support of Switch. We would now like to open the line for questions. Our first question comes from Erik Luebchow from Wells Fargo. Please go ahead. Your line is open. Hi, thanks and good morning. I know some of this will. You'll go over this at the analyst day. Just wondering if you could give us a little bit of color on the decision for a REIT conversion, some of the puts and takes and considerations in terms of, you know, why you think pursuing a REIT at this point is the right strategy. Yeah. Good morning, Erik, and thank you very much. You know, we've always wanted to maximize shareholder value, and we believe that converting at this time is something that will drive shareholder value, and that is the reason we can do it. The board has met with a variety of external advisors as well as the internal team, and they believe that the change is going to be favorable for shareholder value and will not have any sort of negative impact on our ability to operate and reach our growth initiatives. We've worked out ways to balance all of those various imperatives, and we believe at this time that converting to a REIT is the way to maximize shareholder value. Okay, great. One follow-up for me. Maybe you could just talk about your supply position today. Obviously, Las Vegas 15 coming online next year. Do you think you'll be a little more limited in terms of your ability to lease up new cabinets the next couple of quarters? As you mentioned, sounds like the funnel's building for Las Vegas 15. Is that largely available to be, you know, pre-leased or pre-sold the next couple quarters as we enter the new year? Yeah, that's correct. We have existing inventory. That inventory is spread around our four or five PRIMES now, and we believe that we will sell into that inventory. In the first half of 2022, we have Las Vegas 15 coming online, which will bring additional revenue to us. At the beginning of 2023, we have Tahoe Reno 2 coming online. There will be a lot of inventory available for people to load into in the future, and we believe that we'll be able to meet that demand. Erik, We are currently talking to customers today about Las Vegas 15, so yes, it is available for pre-leasing. You know, to reiterate Thomas's point, we have 1.3 million sq ft coming online between early 2022 and early 2023. We believe we're well positioned to continue growing in the future. For the first few months of 2022 until Las Vegas 15 comes online, we do have inventory in Las Vegas, we do have inventory in Texas, we do have inventory in Atlanta. Okay, great. Thank you both. Yeah. As a reminder to ask a question, please press star followed by one on your telephone keypad now. Our next question comes from Richard Choe from JP Morgan. Please go ahead. Hi. Now that you've had a full quarter of Data Foundry, it seems like the acquisition is going well. Can you give us an update, given that guidance seemed pretty good about the margin improvement? How should we think about it going forward? Sure, Richard, I'll take that. You know, we're very happy with the acquisition. The team on the ground at Data Foundry has been fantastic. As we talked about our strategy for that acquisition, it was really to give us a two-year head start into the Texas market because we knew we were looking to build our facilities on the Dell campus. By acquiring Data Foundry, we got a fantastic staff that knows how to run high-quality data centers. We had a very strategic sale in the quarter that essentially takes the last sector of the existing Data Foundry facility. So we're really happy with the way things are going there. As far as the synergies that we expected, we talked to the street about expecting $2 million in annualized synergies. We are already exceeding that number. Yeah, just to echo one thing that Gabe said is our largest sale actually came from Data Foundry, and that team has done a really good job with the integration, and that has resulted in achieving synergies faster than expected. We're very pleased by the way that that acquisition is rolling out. Was that sale already done and in the works before you acquired it, or can you talk a little bit more about that? That sale was not done and not in the works before we acquired it. It was a post-acquisition opportunity that, the Data Foundry team helped us successfully land. Great. Thank you. We take our next question from Ari Klein from BMO Capital Markets. Please go ahead. Thanks. You brought in a Chief Revenue Officer. Can you talk about how you expect your go-to-market strategy to evolve? Maybe what do you feel like you could be executing a little bit better with that? Well, yeah. Ari, thank you very much. You know, we have pretty good growth in Q3 and about 17% in Q4 organic growth projected. We feel like we're doing quite well in our sales. Now that we are in six different cities in five different campuses, there is a need for a growing national footprint. We need a leader for the sales team for that sales footprint, and that is why Jonathan King has been brought on board. We think that he is going to be incredibly effective in deploying that group and enhancing our sales force, both in terms of numbers and strategy and approach. We're really pleased to have him on board, and it's just a natural evolution of the company and its size and its breadth, and that we need a leader in the sales organization that is of the caliber that Mr. King is. Very, very pleased to have him on board and look forward to the results as we move forward into 2022. Got it. One of the things that Jonathan brings to us, Ari, I'm sorry, this is Gabe. You know, he's been around the industry for 20+ years. You know, Rob has known Jonathan for many years and has always wanted to bring him on board, but he's always been a very tough guy to get because p eople keep taking him wherever they go. In addition to his experience at Google, he was previously at World Wide Technology, which is a very large channel partner. Not only do we expect him to continue to build our direct sales force, we really do expect him to add a lot of channel expertise to our sales force and help us grow that national footprint. Got it. Gabe, I think you mentioned that there were some commencement timing issues in the guidance. Doesn't sound like it had a big impact, but if you just talk about that and what you're seeing there. Yeah, sure. You know, it was a very small impact to our guidance. The primary reason for adjusting our guidance was pass-through power revenue. When we talked in Q2, we had a forecast for power revenue that involved a forward curve increase, and we actually locked in power at lower rates than we were expecting. We passed through those lower rates and therefore got the lower revenue. The timing issue was really quite minimal, and it was really related to this large Texas transaction. Instead of selling into that last sector of Austin 3, as we typically do with a variety of customers, this one customer took the entire sector, and they're not ramping until early 2022. That's really the primary driver behind the timing difference. Thank you. Our next question comes from Sami Badri from Credit Suisse. Please go ahead. Great. Thank you. Couple of questions. You know, could you just walk through how Switch manages the power costs? You, you've made several references to how that's managed and power cost savings to the customers, et cetera. You know, maybe we could just revisit how you guys are treating things. Also, do these treatments apply to both the Data Foundry customer base and Switch legacy? This is question number one. Then question number two is, can you just give us an update on any kind of renewal activity and pricing that the existing Data Foundry customers are actually seeing? I know that's part of, you know, the synergy or the revenue, synergy story for you guys. I might have a follow-up. Sure, Sami. With regard to power, historically, you know, over the last decade or so, power costs have actually been going down for Switch. Primarily in 2017, when we decoupled from NV Energy as a utility provider in Las Vegas and went to an open market strategy, our power rates were able to drop quite significantly. This is really the first time that we've seen an increase in our power rates. We typically have not adjusted our power rates upward, but because of this increase, we've specifically adjusted about half of our customers that provide us with the right to adjust power rates up. The average increase was about 4%. We do lock in power wherever possible. Right now, we are currently locked in for the next 12 months, and we are actively working in the markets to lock in additional power for longer periods of time. We're also building our solar fields in Nevada, and we have 25-year power purchase agreements related to those solar fields. Got it. Maybe the second question. On the renewals and pricing? Sorry. Gabe, one other clarification on the prior question is Data Foundry versus Switch. You may have addressed it, but just checking. Yeah. No, Data Foundry, you know, in Texas has power rates that are coming from the utility, as opposed to open market purchases that we experience here in Las Vegas. Their power structure is different, and we didn't put any power pass through for any of the Data Foundry customers. With regard to renewals and Data Foundry, the renewals are going quite well. In addition to the large strategic signing that we made for the last sector in Data Foundry, we also had another large renewal and incremental increase from another large customer at Data Foundry, at the same rate. No rate reduction. We're very happy with the way things are going at Data Foundry. Great. Sami, one quick s orry. One quick addition, just to let you know that we are building these solar fields in order to continue and proliferate our 100% commitment to green energy. As you may have seen our press release, the EPA just gave us accolades for being 100% green and rated us in the top 23 out of 100 companies on their scale of green energy companies. We continue our commitment to our ESG initiatives, and we're doing that through power as well as the way that we operate our facilities. Got it. Just the renewal pricing question. I'm sorry. I think we actually may have addressed that. Yeah. I think we addressed that. Okay. The other follow-up question I had was more to do with supply chains, and it's a two-part question. The first one is, since Switch actually designs and has the IP for a lot of the actual industrial components that go into your data centers, how are you guys prioritized in the pecking order of manufacturing and shipments with your vendor supply base? That's question number one. Number two is, if you were to give us a percentage magnitude of the number of customers that you're working with that have seen delays of equipment to arrive to your facilities and therefore slowing down commencements, what percentage of the customer base or the incoming kind of commencements would you say have been paused or delayed because of supply chain issues? All right. Gabe, I'll take a first pass at this and then please weigh in. As to prioritizations, we have very long-standing relationships with our supply chain manufacturers. We do custom builds, so they go in a different supply chains than just the commodity products. They're very long lead time items, so we've been able to plan and order those items a long time ago. Because they are custom builds, they go on a different route. We have not had any significant impacts by supply chains delivering and being able to deliver us in a timely manner. As to customers, we haven't experienced any customers doing significant delays or sharing with us that they've had significant delays in their need to obtain items to deploy in our facilities, and they have been deploying on time and on pace. We haven't seen much in the way of a supply chain impact, at least to date, in our operations. Yeah, I'll add to that, Sami. You know, as Thomas said, our equipment suppliers really do build a very different product for Switch based on our patents. You'll notice that we did increase our CapEx guidance by about $25 million this quarter. A lot of that has to do with ordering power equipment. We wanna make sure that we have all of the production slots that we need for our power and cooling equipment from those suppliers to meet our customer demand. We're not anticipating any slowdowns in our delivery, and we're not anticipating any supply chain issues, but we did wanna lock in all of those slots, and we've ordered all of the equipment. Got it. Thank you very much. Thank you. Next, we take our question from James Breen from William Blair. Your line is now open. Thanks for taking the question. Can you talk a little bit about a customer interest across multiple data centers? Any color you can give us on, you know, which customers are taking space in all the facilities or multiple facilities? Thanks. Yeah. The customers. As we mentioned during our initial remarks, the number of customers cross-populating has continued to grow and proliferate, which is great. It's not tied to any particular industry or any particular organization in terms of the way that they are spreading across our campuses. We are very pleased to see customers take space in multiple locations. It was one of the reasons that we originally expanded back east, and one of the reasons that we also expanded into Texas. Thirty-eight percent of our customers. Well, 38% of our revenue is multi-campus, which is continuing to grow, and we expect that to continue to increase, which is good in terms of elevating overall revenue, but it's also good in stability of customer engagement. We are pleased by both of those, numbers going up and the fact that it will help stabilize our platform. Are you seeing a noticeable difference in customer churn between the multi-tenant customers versus single spot? No. Churn has remained unchanged. It's 0.2%, so it is unchanged from Q3 in 2020. No appreciable differences there. Great. Thanks. We have a question from Michael Rollins from Citi. Please go ahead. Thanks, and good morning. Morning. I'm curious to just delve a little more into the REIT conversion. First, do you have to purge any of the retained earnings and make a distribution to shareholders prior to conversion? The second part of this topic I was curious about is what happens to the tax receivable agreement, how does REIT conversion impact the existing liability from shares already converted, as well as the remaining liability from shares yet to be converted? Sure, Mike. I'll take those. As far as the E&P purge that's required upon a REIT conversion, we are still working through those numbers. We'll provide additional detail at our Investor Day and really more additional detail next year. We're targeting a January 1, 2023, election date, which means that during 2022, this is a complicated process. We need to go through all of our assets and income, determine which ones are going to be REIT qualifying, which ones are not, set up a taxable REIT subsidiary and divide up the business accordingly. There's a lot of work to be done. Two of the items that still need to be finalized are the E&P purge, but we don't believe that's going to be a materially large number for us. As you mentioned, the TRA, the tax receivable agreement, is another item that we have a variety of alternatives to deal with the TRA. Those range from early termination of the TRA to continuing the TRA, depending on different structures that we utilize. All of that is still being analyzed, and we'll provide additional information as we have it. Just to update on just as you look at the bookings and churn environment in general, how should investors think about the possible lumpiness of each? You know, not really customer churn per se, but revenue churn, which at certain moments, you know, has had elevated impacts. Also on the other side, on the bookings, you know, you've had a range of outcomes over the last number of quarters. What's the right way to think about the lumpiness of each of these going forward? Yeah. Actually, you know, as far as our bookings number, our incremental annualized revenue has been relatively flat for the last three quarters. Q4 of 2020 was quite elevated because at year-end we have some large signings that typically come in. We've been running at over $15 million in incremental annualized bookings for the last three quarters. If you go back a year or so ago, we were typically running around $10 million of incremental annualized revenue. We're really excited and quite happy with the increase in our bookings. You are correct. I mean, there is lumpiness into our revenue as things and bookings commence and as ramps occur. We've signaled earlier in the year that we would have accelerated revenue going into the back half of the year because we had bookings that we knew would commence, and that's indeed exactly what's happened. If you look at, you know, we obviously had 23% growth in Q3, and we're looking at 27% growth in Q4 at the midpoint of our guidance. But really the exciting number is the 17% organic growth that we're looking for in Q4, and that's because of the commencements that we've had in the back half of this year as they roll through in comparison to the prior prior year same quarter revenue. So there is some lumpiness to our business. I think that's just a natural part of what we do. We have a number of retail clients, as you know, that take one cabinet to five cabinets to 10 cabinets to, you know, 30 cabinets. But then we have some very large customers that take hundreds of cabinets. As those companies ramp in, that's what creates a bit of the lumpiness. I would say that Gabe is spot on. It is true that we have some lumpiness. As we do larger deals, they all have phase-ins or rollouts in the way that they deploy. Even it takes some time to close a large deal, and then to figure out what their deployment schedule is and how that ramps in over time. Every deal is different, and even once you've closed the deal, there can be timing of when that revenue starts to flow in. Overall, their projection is onwards and upwards and is continuing to grow. As Gabe said, we are looking at 17% organic growth in Q4. We continue to our momentum of growth. With Jonathan King coming on board and us firming up the way that we do our sales, both direct sales and indirect sales and channel partners, we believe that we have built the platform to have sustained growth going into 2022 and beyond. Additionally, Mike, I mean, y ou know our history well, and we've been, you know, a double-digit growth company for many years, and our compound annual growth rate continues to be double digits, but that doesn't mean it's double digits all the time. You know, our history proves that out. Over the long run, we're very excited about our future. We have 1.3 million sq ft of space coming online in the relatively short future, and then another 1.9 million coming online after that. We believe, you know, from an inventory standpoint, nobody is building the kind of inventory that Switch is building right now, and certainly, no one is building the quality that Switch is building. As corporate data centers or corporations are looking to close their data centers and move to a colocation and hybrid cloud environment, we believe we are uniquely positioned to continue that growth. Just on that churn side, a year ago, I think it was in the fourth quarter, if I'm remembering this correctly. There was some incremental revenue churn that didn't come up in the customer churn. There was just some migrations that you had, I think two of them. Are there any of these chunky types of migrations or risks that we should just be mindful of as we're thinking out over the next one to two years as you kind of see what's coming up for renewal and you've had conversations with customers? Right now, there really isn't anything that we see on the horizon that is gonna be significant. You know, we have normal customer deployments that are moving workloads from one facility to another. Customers move workloads to the cloud, back from the cloud. They've been doing that for 20 years, but there's nothing material that we're looking at over the near term. When you say, you know, multiple years out, you know, that I don't have good data on what customers are gonna do multiple years out, but we don't expect anything material. Thank you. The next question comes from Frank Louthan from Raymond James. Please go ahead. Great. Thank you. Can you give us an idea of what the pass-through power has been running the last few quarters, or is that disclosed somewhere? That's causing some confusion this morning. I've got another question on the REIT conversion. Do you think you're gonna need to seek a PLR with the IRS in conjunction with that, and will you be able to get that done before January 2023? Thanks. I'll answer the second question, Gabe. We don't think that we're gonna need to seek a PLR. Conversion of data centers into REITs is pretty well vetted out, and there probably isn't a need to do that. We continue to evaluate the various options and paths that we have to do this conversion to being a REIT, and we'll have more to speak about that on our investment day and throughout the course of the next year as we work towards implementation in January 1, 2023. Gabe, do you wanna speak as to pass-through power? Sure. With regard to power, you know, we sell contracts in a variety of different flavors. We have a number of circuit-based customers, where they will buy a cabinet with a circuit, and they can use as much of that circuit as they like. We have customers that buy cabinets and then buy power separately. We have customers that commit to an all-in power commitment floor that includes both cabinets and power. So we sell a variety of different formulas. With regard to the increase that we pass through, as I mentioned, it affected about 50% of our customers, of our utilization of power, and the typical increase was, on average, about 4%. This is the first time we've ever done that. As far as, you know, the guidance going forward coming down, I mean, you just mentioned it was kind of n o margin or low margin pass through. Can you give us an idea, like on a dollar basis, on a quarterly basis, what does that usually run? We can get an idea of the magnitude of how that, you know, what's really changed here. Yeah. The reduction in the power revenue that we were expecting was about $4 million in Q4. That's the largest part of our decrease in guidance. Okay. Is there anything else that was low margin in there to do for the delta and the change, or is that pretty much it? No. The other piece of the pie, as we talked about earlier, was really related to the timing of the large sale that we made in Texas. Got it. Okay. All right. Thank you very much. Thank you. Next, we have Colby Synesael from Cowen. Please go ahead. Great. Thank you. I guess I'm still confused, and I apologize. Maybe everybody else understands it. You reduced your guidance for lower pass through because you said you got lower power pricing, and you passed it on to your customers and that's the $4 million that you just referenced to Frank. But then you're also saying that for 50% of your revenue base, I think, you're saying that you just implemented a 4% increase to your pricing, which presumably would have a, I guess, a positive benefit on revenues, even though not necessarily on EBITDA in the fourth quarter then into 2022. I'm just trying to unpack those two things, but they seem kind of in polar opposites. Secondly, y ou know, to the extent that you guys see an opportunity for bigger deals than what you're accustomed to signing, particularly in markets where you may have a decent amount of capacity, so for example, Michigan, would you be interested in those types of deals even though they're what some may perceive as hyperscale, when you've historically said you're more focused on enterprise? Thank you. Yeah. Colby, with regard to the power, you know, when we put forth our guidance in Q2, we were expecting a certain amount of power pass-through revenue to increase. You know, we had built in about $7 million or $8 million of additional pass-through revenue coming in the back half of the year. You know, we actually locked in lower prices than we anticipated, so that pass-through revenue is less than what we anticipated by about $4 million. Along with that comes lower power costs. That's why our EBITDA is not impacted. You know, hopefully that helps. I mean, that was part of our increase in guidance in Q2 based on that expectation, and now we have actual numbers and we've adjusted guidance for that. As far as the types of sales that we're interested in, you know, Thomas, you wanna? Well, I mean, before we go to that. So how does the increasing pricing by 4% play into that? Is that separate then? I guess, you know, isn't that if you're raising pricing by 4%, doesn't that mean, you know, for all intents and purposes, for 50% of your revenue it's 4% higher and therefore, I guess 2% for the total business. How is that separate from this pass-through component that you just described? No. That's the component that we built. Yeah. Some of it's gonna be timing too. I mean, Gabe. We didn't have a full quarter of the increases in revenue. Those increases in pricing, and those increases in pricing will experience a full quarter in Q4. It was only a partial quarter in Q3, and that's part of the reason you're seeing that it's not that the increase in pricing doesn't offset the revenue. Okay. We can take it offline. As to larger customers, we absolutely are open to doing large customers. We had a customer last year that took 12 MW from us in Reno, which is fairly significant. We have talked to a number of enterprises, not just, but because they're enterprises doesn't mean that they're small customers. You know, hyperscale, large scale, I mean, the cloud customers, it's two or three customers that you're talking about when we reference those customers. We have very large scale deployments potentially in the queue, and those come from enterprises migrating out of their corporate data centers and into a colocation environment. We're seeing those impacts and potential sales in all of our campuses, most notably up in Reno, where we have a large building coming online in 2023. Yeah. Colby, just to come back at you. I wanna make sure that you're clear on what we're saying, and I you know don't want there to be any confusion. You know, running the numbers, if you look at our Q4 guidance, we're guiding at the midpoint to about $160 million-$162 million, $161.8 million. You know, about half of that revenue we're able to adjust for power. You know, roughly at $81 million or so. If you take a 4% increase on that, you're getting to about $3.5 million or so of additional quarterly revenue, and that's what's in our guidance today. Now, in Q2, we thought that was going to be about double and we were able to lock in lower rates. Got it. Okay, thank you. Does that clarify? I think so. Thank you. Okay, perfect. Next, we have a question from Brendan Lynch from Barclays. Brendan, your line is now open. Great. Thanks for taking my questions. Maybe you can give us an update on the EDGE Data Center initiatives. It looks like, in the slide deck, you had a photo from Tennessee. Maybe just give us an idea how the rollout is going. Yeah. Thank you, Brendan. Appreciate that. Yeah, we did put a picture of the EDGE Data Center in Tennessee. That is looking to come online in the near future, and we're excited about that. We have other locations in the queue that we will be announcing and launching into. Again, just remember, remind everybody that the EDGE Data Center from a colocation point of view is not really a large contributor in terms of revenue. The opportunity with EDGE is to work on our VAULT platform, do the Fourth Cloud in conjunction with our partners, and expand our telecommunications network. EDGE will take some time to roll out and do so effectively, but we don't expect it to be a large contributor in 2021 or significant probably in 2022. That is just an update on EDGE, if you will. Gabe, anything to add to that? Nope. I think you covered it. Awesome. Great. Maybe just a follow-up. The press release alluded to you giving multi-year growth objectives at the Investor Day. Can you tell us if you're planning on giving specific revenue EBITDA and AFFO targets, or are your growth objectives going to be more generalized? Well, we're gonna give revenue growth targets over the long term. We're gonna give an EBITDA margin target over the long range, and we'll provide some additional information on AFFO as well. We're certainly looking forward to your tuning in to get that data. Great. Thanks for taking my questions. Thank you. The next question comes from Nate Crossett from Berenberg. Nate, please go ahead. Hey, good morning. Maybe just one follow-up on the REIT conversion in terms of the E&P distribution. When would the timing on something like that be, and how would you think about funding that? It kinda sounds like it's not gonna be a large amount, but at the same time, I think your leverage levels are the highest they've ever been. How should we kinda square that? Just overall comments on leverage would be helpful. Sure. You know, as far as the E&P purge, you know, again, we're still determining exactly what that number's gonna be, but we really don't believe it's going to be material or create a funding issue of any kind for us. As far as timing, you know, we have to do that before we actually make the election. While the election is effective as of the tax year, January 1, 2023, we actually have until we file our 2023 tax returns, which would be October of 2024, to make that election. Of course we'd, you know, we wouldn't wanna wait that long. We'd wanna be operating as a REIT as of 2023, because otherwise you make your election and you're immediately a busted REIT if you haven't provided the dividends that you're required and separated your assets as you're required. But the E&P purge would likely take place in 2023 at some point, but we don't believe it's gonna be material. As far as leverage in general, you know, we were operating at very low leverage from since the inception of the company, really. Because of that, we were able to do the Data Foundry acquisition with no additional equity raise, which we think increased our enterprise value, benefited shareholders tremendously, and used our balance sheet effectively. We're sitting at around 5x today, but we know if you look back at our history that Q3 is typically our lowest EBITDA margin quarter because of summer power rates in Nevada. We expect leverage to come down in Q4. Okay. Just in terms of the dividend level upon converting to a REIT, is there any color you could give us there? I mean, there is a disparity across the space about payouts, so I'm just you know, what's your thinking on that? We will provide more information on that as we have it. That's just one of the many complexities that we're still working on as part of this REIT conversion. Okay. Just, well, one quick on just liquidity of the shares. It's been picking up a lot the last year. I'm just curious what the latest redemption would get you to. Yeah, if we look at our latest redemptions through November, we'll be at just under 60% publicly floated shares. We're quite happy with the float as it currently sits. We've got good trading volume. You know, the concerns about low float have essentially dissipated. We're not hearing that anymore. We'll see additional redemptions next year. We have another eight opportunities for our partners to redeem shares next year. Yeah, that's correct. We currently trade more north of $50 million worth of stock a day, so most people do not consider us an illiquid stock in any respect. Gabe's right. We really don't get many questions on that, and we will crest over 60% in the near future. Okay. Thanks, guys. Thank you. As a final reminder to ask any questions, please press star followed by one on your telephone keypad. We take our next question from Erik Rasmussen from Stifel. Eric, your line is open. Yeah, thanks for taking the questions. Maybe just too, a lot's been addressed, but the EBITDA margins obviously were impacted by the higher power costs, but you know, sounds like a return to more normalized rates in Q4. What's sort of the limiting factor at this point? Is it really just the Data Foundry business that's creating some of the headwind, given their margin structure? Yeah. Go ahead, Thomas. All right. Thank you. The Q3 power costs are always higher than the other quarters, so that's a seasonal item that we see every year. It's summer, it's hot. We use more electricity to run the HVAC units, and the price of that electricity goes up. That's nothing new. And then we have Data Foundry that we've brought on board, and we have the first three months on Data Foundry, which resulted in about a 75 basis point reduction in margins. Okay. Great. Maybe just clarifying you talked about accelerated equipment purchases. Is that really more just demand or is it there's some of the supply chain issues in the market that's at hand, you know, knowing that you know getting access to critical components and whatnot is a little more challenging? Thanks. Yeah. Some of it is just the fact that we are growing our facilities at such a rapid rate, and the other is to just avoid any supply chain issues, putting our orders in early, making sure that our suppliers know that the orders are there, that they have the money that they need to continue their builds, and that we adjust ourselves and our own expectations for the potential of a longer supply chain. What we have done is place the orders earlier to both help our demand curve and also make sure that our suppliers had adequate time to provide us the equipment that we need without delay. Yeah. Eric, I'll add to that a bit. You know, if you look at our build plan, not only is Las Vegas 15 coming online, but the other facilities are also going to be coming online about a year after that. We're also adding a lot of equipment to our Reno facility due to customer demand. We're adding equipment to Las Vegas 11 due to customer demand. We're adding equipment to our Atlanta facility due to customer demand. I think it's primarily demand driven, but as Thomas said, we also wanna lock in those production slots from our suppliers. It's helpful. Great. Thank you. Thank you. Okay. There are no further questions, which now brings this call to an end. Thank you all for joining. You may now disconnect your lines. Thank you.